Q&A: How Do Presidential Elections Impact the Housing Market?

Written by Marathon Florida Keys Mortgage on November 1, 2024. Posted in Economy, Home Prices, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights Even if you’re not looking to move right away, you may have questions about how the election will impact the housing market. When we look at historical trends, combined with what’s happening right now, we can find your answers. Based on historical data, mortgage rates decrease in the months before and home prices and sales increase the year after the election. The facts show Presidential elections only have a small and temporary impact on the housing market.

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How Real Estate Agents Take the Fear Out of Moving

Written by Marathon Florida Keys Mortgage on October 31, 2024. Posted in Agent Value, For Buyers, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Feeling a bit unsure, or even afraid, to move with everything going on right now? The decision to move shouldn’t be scary, it should be exciting. And the best way to eliminate any fear is to work with a pro. Real estate agents are so much more than just transaction facilitators; they’re trusted guides to help you navigate the complexities of the housing market with confidence and ease. And a great agent can turn what may feel like a daunting process into a manageable—and even enjoyable—experience. That’s why, in a Bright MLS survey, respondents agreed partnering with an agent is essential...

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Avoid These Top Homebuyer Mistakes in Today’s Market

Written by Marathon Florida Keys Mortgage on October 30, 2024. Posted in Agent Value, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home. That’s why partnering with a trusted agent is so important. Here’s a sneak peek at the most common missteps buyers are making in today’s market and how a great agent will help you steer clear of each one. Trying To Time the Market Many buyers are trying to time the market by waiting for home prices or mortgage rates to drop. This can be a really risky strategy because there’s so much at play that can have an impact on those things. As Elijah de la Campa, Senior Economist...

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Why Home Sales Bounce Back After Presidential Elections

Written by Marathon Florida Keys Mortgage on October 29, 2024. Posted in Economy, For Buyers, For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down. Election Years Bring a Temporary Slowdown In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below): Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s...

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Why Your House Will Shine in Today’s Market

Written by Marathon Florida Keys Mortgage on October 28, 2024. Posted in Affordability, For Buyers, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out. There are several key reasons why there aren’t enough homes to go around and understanding them will help you see why the market is working in your favor if you’re ready to make a move. What’s Causing the Shortage? 1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains: “In 2022, 1.4 million...

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Debunking Scary Myths About Buying a Home

Written by Marathon Florida Keys Mortgage on October 25, 2024. Posted in For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights There are a number of scary myths about homebuying in today’s market. Here’s what you need to know. Prices are not expected to crash, it is possible to buy even with student loan debt, and there are programs that can help you save for a down payment. Don’t let scary myths delay your homebuying plans. Connect with an agent so you have a pro to help you separate the facts from your fears.

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Why Today’s Foreclosure Numbers Won’t Trigger a Crash

Written by Marathon Florida Keys Mortgage on October 24, 2024. Posted in Economy, Foreclosures, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market. Many people are concerned that high prices and tighter budgets could cause more homeowners to fall behind on their mortgage payments, leading to a wave of foreclosures. But before you start worrying about a housing market crash, here’s a look at what’s really happening. And the good news is: the latest foreclosure data shows there’s no wave on the horizon. How Today’s Market Is Different from 2008 Let’s ease those fears by looking at the bigger picture. The graph...

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How Long Will It Take To Sell Your House?

Written by Marathon Florida Keys Mortgage on October 23, 2024. Posted in Agent Value, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to know what to expect. While every market is different, understanding what’s happening nationally can give you a good baseline. But for an even more detailed look at real estate conditions in your area, connect with a local real estate agent. They know your local market best and can explain what’s happening near you and how it compares to national trends. Here’s a look at some of the things a great agent will walk you through during...

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Planning To Sell Your House in 2025? Start Prepping Now

Written by Marathon Florida Keys Mortgage on October 22, 2024. Posted in Agent Value, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If your goal is to sell your house in 2025, now’s the time to start prepping. Even though it might seem like there’s plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now. As Danielle Hale, Chief Economist at Realtor.com, says: “ . . . now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list . . . We have survey data that says 47 percent of sellers are taking longer than a month to get their home ready to sell, so getting them to start that process early can mean...

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What To Expect from Mortgage Rates and Home Prices in 2025

Written by Marathon Florida Keys Mortgage on October 21, 2024. Posted in Affordability, For Buyers, For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Curious about where the housing market is headed in 2025? The good news is that experts are offering some promising forecasts, especially when it comes to two key factors that directly affect your decisions: mortgage rates and home prices. Whether you’re thinking of buying or selling, here’s a look at what the experts are saying and how it might impact your move. Mortgage Rates Are Forecast To Come Down One of the biggest factors likely affecting your plans is mortgage rates, and the forecast looks positive. After rising dramatically in recent years, experts project rates will ease slightly...

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Why Buying Now Is Worth It

Written by Marathon Florida Keys Mortgage on October 18, 2024. Posted in Buying Tips, Equity, For Buyers, Forecasts, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Some Highlights You may be torn between buying a home now or waiting. But don’t forget to factor in the equity you’ll gain as prices rise. Experts forecast prices will climb over the next 5 years – and based on those forecasts, you could gain about $90k in equity in that time. So, you could wait, but you’ll miss out on a lot of equity if you do. If you’re ready and able to buy, let’s connect so you can start growing your wealth now.

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Why Did More People Decide To Sell Their Homes Recently?

Written by Marathon Florida Keys Mortgage on October 17, 2024. Posted in Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Homeowners typically slow down their moving plans as the summer months wrap up, and as a result, fewer homes are listed for sale in the fall. It’s a predictable, seasonal trend in real estate. But this year, mortgage rates came down at the same time the number of homes on the market usually starts to decline. So, what happened? More homeowners decided to sell, so more homes came to the market. The most recent data from Realtor.com reveals that in September, the number of homes put up for sale increased by 11.6% compared to this time last year. As the green circle in the graph below shows, the...

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The Benefits of Using Your Equity To Make a Bigger Down Payment

Written by Marathon Florida Keys Mortgage on October 16, 2024. Posted in Affordability, Equity, For Buyers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too. According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below): Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has...

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Why an Agent Is Essential When Buying a Newly Built Home

Written by Marathon Florida Keys Mortgage on October 15, 2024. Posted in Agent Value, Buying Tips, For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. As Builder Online says: “As resale inventory remains limited and the price spread between new and resale homes narrows, new homes are increasingly an attractive value proposition for buyers, with incentives such as rate buydowns a way to help address ongoing affordability challenges.” So, is there any merit to the myth? Let’s break down...

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Why a Condo Could Be Your Perfect First Home

Written by Marathon Florida Keys Mortgage on October 14, 2024. Posted in For Buyers, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner. Since they’re usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from Realtor.com, condos typically...

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Buying Beats Renting in These Top Cities

Written by Marathon Florida Keys Mortgage on October 11, 2024. Posted in For Buyers, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Rent vs. Buy.

Some Highlights Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment. Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up. This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in your area, connect with a local agent.

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How Much Does It Cost To Sell My House?

Written by Marathon Florida Keys Mortgage on October 10, 2024. Posted in Agent Value, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost. To be honest, the final number will depend on several factors like the offer you accept, if you help with your buyer’s closing costs, how many repairs you tackle, and more. So, to give you a ballpark of what to expect, here’s some information on a few of the expenses you’ll want to be ready for (see graph below): But here’s something that puts those costs into perspective. Most homeowners today have a substantial amount of equity built up in their homes, and that means they stand to make significant...

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Two Reasons Why the Housing Market Won’t Crash

Written by Marathon Florida Keys Mortgage on October 9, 2024. Posted in Economy, Inventory, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

You may have heard chatter recently about the economy and talk about a possible recession. It’s no surprise that kind of noise gets some people worried about a housing market crash. Maybe you’re one of them. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now. Real estate journalist Michele Lerner says: “A housing market crash happens when home values plummet due to a lack of demand for homes or an oversupply.” With that definition in mind, here are two reasons why this just isn’t on the horizon. 1. Demand for Homes Is Higher than...

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Why Now’s Not the Time To Take Your House Off the Market

Written by Marathon Florida Keys Mortgage on October 8, 2024. Posted in For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Selling Tips.

Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move. Other Sellers Are Pulling Back. Should You Hold Off Too? According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual...

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Now’s the Time To Upgrade to Your Dream Home

Written by Marathon Florida Keys Mortgage on October 7, 2024. Posted in Equity, For Sellers, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below): But there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen....

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The Top 3 Reasons Affordability Is Improving

Written by Marathon Florida Keys Mortgage on October 4, 2024. Posted in Affordability, Home Prices, Infographics, Marathon FL Mortgage, Marathon Florida Keys Mortgage, Mortgage Rates.

Some Highlights Affordability is based on three key factors: mortgage rates, home prices, and wages. And today, it’s improving quickly as rates come down, prices level off, and wages climb. If you put your search on pause because it was too expensive to buy, connect with an agent to talk about why now may be the perfect time to jump back in.

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Home Values Rise Even as Median Prices Fall

Written by Marathon Florida Keys Mortgage on October 3, 2024. Posted in For Buyers, For Sellers, Home Prices, Marathon FL Mortgage, Marathon Florida Keys Mortgage.

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price...

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